"It was another record year for the group in spite of a challenging business climate, particularly in the second six months, where soaring cost of jet fuel made a big dent, although the impact was partly offset by other operating margins," Emirates' Chairman and Chief Executive, Sheikh Ahmed Bin Saeed Al-Maktoum, said while announcing the group's annual results here.
Emirates reported a 62.1 per cent rise in net profit at $ 1.37 billion for the year ended March 31, 2008, against $ 844-million in the previous fiscal. Revenue was up by 32.3 per cent to $ 10.8 billion as against $ 8.1 billion in the fiscal ended March 31, 2007.
The company, Al-Maktoum said, would not halt its growth programmes in spite of the rise in crude prices. On the other hand, it would continue to expand in newer geographies, especially in North America.
"Fuel cost is a challenge and will continue to remain a challenge. But, in no way, it will hamper our growth plan," Al-Maktoum said.
Emirates said during the year passenger seat factor increased to 79.8 per cent from 76.2 per cent in the previous year. The carrier flew 21.2 million passengers during the reporting year, up by 3.7 million in the year-ago period.
